Nagad cuts transaction charge for SMEs
Nagad cuts transaction charge for SMEs

About 180,000 new clients are joining the network of Nagad every day through mobile phones. This is a record in opening accounts and an example of boosting the financial inclusion using technology.

New clients are joining Nagad, the digital financial service of the postal department, in droves after it introduced the opening of accounts through dialling of *167# and the setting up four-digit PIN. Besides, people can open an account through the app of Nagad after having their national identification number verified.

After introducing the effortless account opening process, recently the second largest MFS carrier has also launched some campaigns, which also rushing users to join the network of Nagad. The download of Nagad app has gone so up that it appeared in the top chart of the Google Play Store among the apps from Bangladesh.

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Recently, Nagad has signed agreements with all mobile phone operators to allow their subscribers to open MFS account by dialling *167#. As mobile phone operators have the information of a NID of a subscriber, whenever a prospective user dials *167# to express his or her interest to open the MFS account, their information is instantly verified against the NID database and the process to open the account is completed. The innovation of Nagad has already caught the attention of many countries and global agencies.

Only on 17 February, about 185,000 people joined the Nagad platform. A similar pace of client registration was observed before and after the day. On average, 150,000 people registered with Nagad every day in the last two weeks. As a result, the effective number of clients of Nagad has gone past 30 million, a development that is significantly contributing to the financial inclusion in the country.

Speaking about the unprecedented success Nagad’s managing director Tanvir A Mishuk said, “We wanted from the very beginning that we would take Nagad to the people across the country very easily. Aiming that we have reduced the cost and ease the account opening process and through it we also have ensured liberty of using financial service. We already are observing the result of our endeavour. Hopefully, we will become the most popular MFS operator in the country very soon.”

With this effort Nagad already become the second largest carrier of the country having 30 per cent MFS users. Nagad is working to raise it to 50 per cent by this year.

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